Financial Reality Fair came to Manville, November 20th. Prior to the fair, the students were exposed to their starting salary of their chosen career. Before getting the hands on experience, each student would receive a personalized paper giving them the salary earned by their interested career, with a random credit score, and an estimated amount of student loans.

The Reality Fair allowed the students to get an idea of how much money they would get to take home. Considering their current balance on their given credit card and credit union deposit accounts, the students start their journey to financing their monthly expenses and one time payments, such as buying a phone or a housing security deposit.

There were stations set up in the gym and each station provided a list of expenses. For instance, there was a rent or mortgage station where students would state if they would live with their parents, live on their own or with a roommate. After students figured out their living situation,  they would then tell the lady and she would look at her sheet, and tell the student a price for their rent and security deposit. For instance, I had a roommate to split the rent with. Students would keep track of all these finances on a given worksheet to help track. They had another station where students figured out the estimated amount of money they would spend on food monthly.

Once students attended all the stations, such as food, entertainment, transportation, etc. then there would be a last place to visit; it was a wheel of fortune of some type. Students would spin it to see their fate, similar to how in real life there are curves balls. The wheel of fortune either gave students a surprise where they would gain money or they might have to get a doctor’s visit for example, and end up paying because of their services.

Once students went to all the stations, then they would go to a table in the back and calculate the monthly expenses in total. Students added up the one time payments and found the total of everything including their student loans. After students received their totals, they were instructed to subtract that from their net pay per month and calculate how much extra money they would end up with every month. There was a financial counselor that then spoke with students and suggested what to do with the extra money left over, such as pay a little bit more towards their student loans,  buy stocks, or save the money towards the future.

Overall, it was a great experience. It allowed students to get a view and idea of how much money students would get or should spend monthly. It also lets us think about saving money and getting only what was necessary based on our take home salary. A lot of the students who attended made it sure that they learned how to manage money and most of them said that they ended up earning more than they thought. I’m very glad I got the opportunity to go to the fair because it lets me get an idea of how I should manage my money to pay off all my debts according to my future career and salary as a veterinarian.